Twin Cities: U.S. Bank Provides Funding for St. Paul Green Line Apartments

MN: U.S. Bank Provides Funding for St. Paul Green Line Apartments

NICK WOLTMAN ON MAR 3, 2015
SOURCE: PIONEER PRESS

U.S. Bancorp has agreed to invest $15.8 million in the Hamline Station housing complex, which is under construction near the Green Line stop of the same name. In exchange for investment, the complex's developer, Project for Pride in Living, will transfer $14.4 million in federal tax credits to the Minneapolis-based banking giant.

"PPL's mission is to provide affordable housing for low-income families and to help strengthen neighborhoods," PPL CEO Paul Williams said in a news release. "We are excited to have U.S. Bank as a partner to construct Hamline Station. This is a powerful opportunity to provide low-income families and individuals high-quality housing with a significant transit solution."

U.S. Bancorp Community Development Corp., a subsidiary of U.S. Bank, funded the investment.

PPL is eligible for federal low-income housing tax credits on the $28.2 million project. The 108-unit apartment complex will house individuals and families with incomes between 30 percent and 60 percent of the area median. ................(more)